YouTube, Universal Music Group announce 'Vevo'

Their "Vevo" site will feature music and music videos. It will launch later this year.

In an announcement Thursday, the companies say the site will launch with the entire catalog of music videos from Universal. That's the world's largest recording company and a unit of France's Vivendi SA.

YouTube is owned by Google Inc.

The companies will share ad revenue on the site Vevo.com, as well on a Vevo channel on YouTube.

Universal already has the most watched channel on YouTube with some 3.5 billion views.